If Sam's opportunity cost of a sweater is $37, which of the following prices would he have to observe in the market in order to sell a sweater?
A. $37
B. $37.01
C. $50
D. Sam would sell a sweater at any of these prices.
D. Sam would sell a sweater at any of these prices.
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If the difference between the marginal benefit and the marginal cost of a good is as large as possible,
A) resources are being used with maximum efficiency. B) resources would create more value producing other goods and hence the production of this good should be decreased. C) more of the good should be produced. D) allocative efficiency has been attained. E) Both answers A and D are correct.
Suppose there is a bank panic. Which of the following would not be a consequence of this bank panic?
A) Individual banks would have to shrink the value of loans they made. B) The economy would likely enter into a recession. C) Bank total reserves would decrease. D) Bank checking account balances would decrease. E) Required reserves would increase.
Which of the following accurately depicts the situation of India's trade in services and what it might mean for the global economy?
A) It is not perceived as threatening to the industrialized nations so it is likely to grow without any impact. B) Because it is nothing new, other economies have had time to adjust. C) It creates only harm to other national economies. D) It may lead to protectionist sentiment and policies in other nations as comparative advantages shift.
The total amount of tax you pay divided by your total income is the
A. total tax rate. B. proportional tax rate. C. marginal tax rate. D. average tax rate.